HSBC sees profits fall to $5bn
by Richard Kilner
Story link: HSBC sees profits fall to $5bn
HSBC has seen its half-year global profits halve to £2.98bn/$5bn, according to the BBC.
Writedowns rose by 39% compared to the first six months of last year, a problem which has affected the banking group in Asia, Europe and the US.
The firm is presently closing many of its retail banking operations in the US due to a plethora of unpaid mortgages.
However, the news is not universally bad for HSBC, with record investment banking profits of $6.3bn achieved.
The bank stands alongside Barclays in not taking substantial sums of taxpayers’ money in order to stay afloat, unlike RBS, HBOS and the subsequent HBOS-Lloyds TSB merged entity, Lloyds Banking Group.
Although any recovery remains uncertain, Chairman Stephen Green has asserted that he believes the trough of the financial cycle is either imminent or has already occurred.
Meanwhile Barclays has reported an 8% rise in pre-tax profits which now stand at just under £3bn.
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